What is Earned Value Management (EVM)?

Earned Value Management (EVM) is a project management technique that integrates the measurements of scope, schedule, and resource performance to provide a comprehensive assessment of a project's progress and performance. This approach allows project managers to evaluate how much work has been accomplished compared to the planned work and the associated costs, giving them insights into the project's health and enabling more informed decision-making.

By measuring the value of work that has been earned at any point in time against the planned value and the actual costs incurred, EVM helps identify potential variances and trends in project performance, allowing for timely corrective actions if needed.

Other methods mentioned, such as estimating project costs, focusing on specific project types like software development, or strategies for managing risks, do not encompass the full scope and intent of EVM. EVM specifically provides a framework for monitoring and controlling project performance, making the first choice the most accurate description of this essential project management technique.